Acorns launches Acorns Early to invest in a child from birth
Irvine, CA-based Acorns , which serves over 7.7 million accounts, announced the launch of Acorns Early to allow users to open an Early account, and automatically invest for a child’s future. To support those impacted by the coronavirus pandemic, Acorns will provide Acorns Early free to babies born in 2020.
With Early, a UGMA/UTMA account, Acorns financial wellness system now provides the tools to save and invest beginning at any age. Early funds can be used for anything that benefits the child, and custodians may see tax advantages while they invest, before easily transferring the account when the child is an adult. Acorns Early features automated Recurring Investments, an interactive Potential graph to view the power of compounding, exclusive Found Money offers, and custom financial literacy content, developed in partnership with CNBC.
As part of the release, Acorns has introduced a $5 monthly tier, Acorns Family. Customers in this tier get Acorns Early, plus all-in-one investing, retirement, and checking accounts, Smart Deposit, personalized insurance options, and tools to earn more money. Also, Acorns will allow multiple children per Family account, at no added cost.
“We have always been guided by our mission to look after the financial best interests of the up-and-coming. If we begin as early as birth, we have the opportunity to change the financial outcomes of an entire generation.” – Acorns CEO, Noah Kerner.
Speaking of Acorns, Acorns Protect is currently promoting Liberty Mutual and Savvy Insurance Solutions that uses Trellis .